OKEx CEO Jay Hao: The Crash of a Token Is Not the End of DeFi, but a Lesson in Overheated Market Sentiment
OKEx Adds 3 More Innovative DeFi Tokens to Its Ever-Expanding Army
Malta, Sept. 1, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced the addition of a further three DeFi tokens to its ever-expanding arsenal of decentralized finance projects. With the new listings of SushiSwap (SUSHI), YFValue (YFV) and PowerPool (CVP), OKEx users can now purchase and trade a total of 32 innovative DeFi coins and tokens on the platform.
Spot trading of SUSHI, YFV and CVP against USDT went live at 10:00 am UTC on Sept. 1, with trading against ETH available one hour later, at 11:00 am UTC. Deposits for all three tokens opened at 7:00 am UTC on Sept. 1, and withdrawals will be available from 9:00 am UTC on Sept. 6. Within minutes of its listing, SUSHI had already reached a price peak of 12 USDT, marking an 84.6% rise and proving the high demand for this popular token.
As a design evolution of the well-established automated liquidity protocol Uniswap, SushiSwap provides users with additional community-oriented features and further benefits such as enhanced incentives for liquidity providers that will appeal to avid yield farmers seeking the greatest rewards and incentives for locking up their tokens.
YFValue provides further options to yield farmers. However, this protocol is focused on making yield farming accessible to everyone by providing an easier user experience and sustainable rewards through flexible options. YFV’s emission schedule was designed for a longer period to allow for multiple staking-asset options and pools to reach the broader community and provide peace of mind by protecting user funds.
PowerPool, on the other hand, is designed to overcome the problem that minority token holders have when it comes to governance rights on a certain platform. It's a protocol that allows users to pool their governance tokens, such as COMP, LEND and YFI, to extract more utility from them. It also helps protocols overcome ongoing issues with voter apathy. With PowerPool, users can lend, borrow and earn income while accumulating governance power through their pooled tokens in protocols based on Ethereum.
OKEx CEO Jay Hao commented:
"With so much going on in DeFi right now, it feels like new innovations are happening every day. We're excited to see such groundbreaking projects emerging that are not only helping more and more people earn income by providing liquidity but are also solving real challenges such as governance and sustainability to help the DeFi economy grow."
He added, "We have really solidified our commitment to DeFi lately and now boast one of the highest offerings of DeFi tokens out of all major global exchanges."
With the addition of these three brand-new promising DeFi projects, OKEx aims to give its users as much exposure to the exciting field of DeFi as possible as well as foster the continued development of the space.
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.